Former Prime Minister John Key is stepping down from the boards of New Zealand's biggest bank ANZ NZ, and its Australian parent, the ANZ Banking Group, effective March 14.
Having quit as PM in December 2016, Key was appointed Chairman of ANZ NZ in January 2018, joining the ANZ Group board in February 2018.
He'll be succeeded in both roles by Scott St John, who has been on the ANZ NZ board since 2021. St John is the ex-CEO of First NZ Capital, now investment banking and wealth management firm Jarden.
Key's tenure as ANZ NZ Chairman was marked by the shock departure of the bank's long serving CEO David Hisco in 2019. At the time Key said Hisco's departure was by mutual agreement, after Hisco's expensing to the bank of chauffeur driven cars for personal use and wine storage dating back nine years came to light.
ANZ Banking Group Chairman Paul O’Sullivan said Key had; "made an enormous contribution to ANZ with his unparalleled international business and political experience playing a critical role in our ongoing success. As a Board we will miss his wise counsel, global insights and good humour and we wish him and his family the very best for the future."
Of St John, O'Sullivan said his "deep business experience, particularly in financial markets," makes him an ideal replacement for Key as Chairman of ANZ NZ.
"He [St John] has served admirably on the ANZ New Zealand Board since 2021 and we look forward to welcoming him to the Group Board next month [March 25],” Mr O’Sullivan said.
Key was quoted in ANZ's press release saying it's the right time to step back from his commitments.
St John also chairs Mercury NZ Ltd and Fisher and Paykel Healthcare and is on the Fonterra and NEXT Foundation boards. He was Chancellor of the University of Auckland from 2017 to June 2021.
76 Comments
Aussie bank stocks are perennial favorites with Aussie boomers because of franking credits and the impenetrable property ponzi meaning that their profits are more or less guaranteed. Safest banks in the world apparently.
The top 10 stocks on the ASX comprise bank stocks, retail, and miners. What's more, they're approx 50% of total market cap. You could talk about concentrated, but the sheeple don't care. As long as the divs are there.
ANZ stock is up almost 10% YTD and 15% over the past 12 months. So you can argue it's par with inflation.
Key sold a chunk of his holdings in Palo Alto just before it crashed by 20 % a few days ago. Did he have ANZ shares too and sell them recently ? May be he knows something the investors don't ? Usually they announce such parting several months before, to keep the markets calmed.
He is getting the hell out of Dodge before the banking industry SHTF.
WATCH THE NEXT ANZ REPORT ON THE (AND OTHERS) RATCHETING UP OF THEIR MASSIVE PREVISIONS FOR BAD RESI PROPERTY LOANS.......THEN CRE LOANS, WHICH WILL BE THE NEXT CLUSTER TO DROP!.
Banks are great at covering up and Airbrushing financial cliff edges out of everyone's view.........until at the last second, they shout "warning, warning, pull up, pull up".....BANG!
Key knows when to exit a ONCE winning position........
Has he shorted ANZ by untracable proxies?
DIY......you nailed it.
Learn from others mistakes, legal own goals, and get the hell out of the Tsunami debris zone!
He did warn about the possibility of much "higher mortgage/borrowing costs and the possibility of 10% mortgage rates"
Perhaps this could be utilised in any future court hearings? Told you soo! The defence is ready!
Who in their right mind would be holding Banking shares currently?
Liken it to holding fresh tickets for the entire family on the Titanic!
Why? Cards are stacked in their favor. Easiest business in town. Banks cannot fail if the ruling elite decides they shouldn't.
"If banks tip over nowhere is safe. "
People forget about the critical importance of Financial Stability until there is panic and loss of confidence. Banks rely on the confidence of their creditors.
Some recent examples include Silicon Valley Bank, First Republic Bank, and Credit Suisse.
"Banks cannot fail if the ruling elite decides they shouldn't. "
Banks may need to be recapitalised if they need equity due to inadequate capital from loan losses.
One scenario is that the existing shareholders are unwilling or unable to recapitalise the bank and the government invests new capital and existing share holders are significantly diluted. Numerous examples of bank restructurings around the world.
Remember the recapitalisation of BNZ in the early 1990's?
Yep, dilution when re-capitalisation is required is always a risk of shares in any enterprise. Banks are no different; you estimate risk, pays yer money and takes yer chances. Despite ANZs indifferent track record at growing its equity, as the biggest bank they remain a pedestrian long term diversification investment proxy for the wider economy.
Watch the canopy... https://www.youtube.com/watch?v=d3ZrWUqhoBU
Don't worry, sh'el be right......
Safe as houses mate!
Property never goes backwards!
Well untill 2021........
We are all unsecured, so spread it like thin butter amoung the biggest banks and other asset classes.
Once they finally Implement the deposit guarantee scheme... ...which decade? .....your 100k Max will be Gummit guaranteed.
Tiĺl then, hold all bets and keep hardhats ready!
Once they finally Implement the deposit guarantee scheme... ...which decade? .....your 100k Max will be Gummit guaranteed.
Robbo never got around to guaranteeing the 'savings' of the great unwashed (bank creditors who naively think that banks custody their money for them and prudently lend it for mortgages).
You are so wrong.
On an international scale he's a pauper. What sort of heli is he running? It's not that big a stretch tbh, probably running it through expenses as well so we are paying for 40% of it.
Try running a 50m yacht with 10 full time crew and then get back to me - that is entry level wealth.
From distant memory he was said by pundits to be worth approx $50m when he ascended the throne. That was bound to be well understated and has probably at least doubled since then. True, by top end international standards that's a relatively modest fortune but still enough to afford a decent yacht. Entry level wealth ! OK.
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